Saxo Bank signs partnership agreement with five Danish banks

Source: IBS Intelligence 2020-06-05

Copenhagen-based Saxo Bank has signed a partnership agreement with five Danish SDC member banks including Sparekassen Vendsyssel, Sparekassen Thy, Middelfart Sparekasse, Frøs Sparekasse and Jutlander Bank. The partnership will allow the banks’ customers to access Saxo Bank’s trading and investment solutions.

Kim Fournais, CEO and Founder of Saxo Bank, said, “We are very proud to sign this landmark partnership with a group of Danish banks. It has been a very constructive process, where we have leveraged our expertise of building white label solutions and worked closely with the participating banks to fully understand their clients’ and advisors’ needs. The end-clients will gain access to our market-leading trading and investment platforms, and our partners in SDC will save on IT-costs and cut complexity, which will enable them to focus even more on servicing their clients.

SDC is a data centre and IT infrastructure provider to 120 banks in the Nordics. Integrating with SDC’s core banking systems will allow member banks to opt-in and deliver similar digital investing and advisory solutions. The Saxo Bank partnership will allow SME banks under SDC to reduce costs and complexity while offering clients access to stocks, bonds, mutual funds and ETFs.

“At Saxo Bank, we have always believed in the power of partnerships and that we achieve the best results when we build on each other’s strengths. This is what this agreement is all about, and it is a true win-win situation for all parties. I am convinced that we will see more partnerships like this one across the European banking sector as clients demand more intelligent and digital investment solutions,” Fournais said.

Saxo Bank has stated that the technical integration will begin in the second half of 2020, and the solutions are expected to be rolled out in the first half of 2021.

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Saxo Bank signs partnership agreement with five Danish banks

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